Condo resale volume stumbled 13.1% in February

Prices also fell 0.8%.

The volume of condo resales sharply fell 13.1% to 589 units in February from 678 units in January, according to SRX data. Volumes are 10.9% higher than in February 2019, but 7.7% lower than the 5-year average volume for the month of February.

Breaking down by regions, in February 2020, 50.2% of the volume came from Outside Central Region (OCR), 25.3% came from Core Central Region (CCR), and 24.5% came from Rest of Central Region (RCR).

“The private resale market was hit by a triple whammy of coronavirus, seasonal slowdown during the Chinese New Year period, and supply of new units from recent launches,” said Christine Sun, head of research & consultancy at OrangeTee & Tie.

Prices across all regions also fell by 0.1%, 0.8%, and 1.3% respectively, whilst overall prices dipped 0.8%. On a YoY basis, prices rose 0.8%.

The highest transacted price for a resale unit in the month is achieved at $16m at Le Nouvel Ardmore. In RCR, the highest transacted price is a unit at Reflections at Keppel Bay resold for $5.4m. In OCR, the highest transacted price is a unit at Grand Duchess at St. Patrick’s resold for $3.2m.

“Given the heightened awareness of COVID-19, some owners and potential buyers had postponed their house viewings and this may have resulted in fewer deals being closed last month. Developers have also continued to launch new homes which may have drawn some demand from the secondary market,” Sun added.

Singapore’s overall transaction over x-value (T-O-X) is negative $2,000 in February 2020. This represented a $500 increase as compared to January 2020.